In a landmark decision on July 16, South Korea’s Supreme Court cleared Samsung Electronics Chairman Jay Y. Lee of all charges related to an $8 billion merger involving two of the company’s affiliates, Samsung C&amp;T and Cheil Industries, in 2015. The ruling effectively ends one of the most high-profile corporate trials in the country, removing a long-running legal risk for Lee and Samsung. This development is seen as a major boost for Samsung’s leadership at a critical time as it seeks to lead in the global AI chip race.The case, which centred on accusations of accounting fraud, stock manipulation, and market violations, had dragged on for nearly five years. Lee was initially accused of using the merger to solidify his control over the conglomerate and manipulate stock prices to his advantage. The Supreme Court upheld lower court rulings that found insufficient evidence for the charges, marking a decisive end to the legal battle that had clouded Lee’s ability to lead the company.<h2>A long-running legal battle comes to an end</h2>At the heart of the case were allegations that Lee and his aides orchestrated the 2015 merger to help secure his succession as the leader of Samsung Group following the health crisis of his father, Lee Kun-hee, who had been in a coma since 2014. Prosecutors argued that Lee's team manipulated stock prices and engaged in fraudulent accounting practices to push the deal through, but the courts ultimately found the evidence insufficient.One of the key factors in the court’s decision was the exclusion of certain digital evidence, including data from Samsung Biologics and Samsung Bioepis servers, which prosecutors had obtained during a search. The court ruled that the authorities had failed to adhere to legal procedures when collecting the data, violating the defendants’ rights. As a result, the evidence could not be used to support the charges.The ruling comes as a welcome relief to both Samsung and Lee, as the prolonged uncertainty had weighed heavily on investor confidence and posed a risk to the company’s stability. Shares of Samsung Electronics surged 3.1 per cent following the decision, outperforming the flat market benchmark KOSPI. Analysts attribute the rise to the resolution of legal uncertainty surrounding the company and the broader optimism about Samsung’s prospects.<h2>Boost for Samsung’s future amid global tech rivalry</h2>The acquittal of Lee is expected to provide a significant boost to Samsung, which is currently navigating intense global competition in sectors like artificial intelligence and semiconductors. Analysts believe that the ruling will allow Lee to focus on long-term growth initiatives without the distraction of legal battles, enabling Samsung to maintain its position as a global technology leader.“The Supreme Court ruling clears a layer of legal uncertainty, which could be a long-term positive for Samsung,” Ryu Young-ho, a senior analyst at NH Investment &amp; Securities, told Reuters. “If the owner takes a more active role, it could allow management to focus more on long-term initiatives rather than short-term results.”For Samsung, this legal clarity could be critical as it looks to ramp up investment in cutting-edge technologies such as AI chips. The company is also facing increasing pressure from rivals in the semiconductor industry, particularly from US-based companies like Intel and Nvidia.While the ruling provides much-needed stability for Samsung, it also highlights the challenges Lee faces in solidifying his control over the conglomerate and steering it through a period of technological transformation. As one of South Korea’s largest and most influential companies, Samsung’s fortunes have a significant impact on the country’s broader economy. Business lobby groups have praised the ruling, calling it a stabilising force at a time of economic uncertainty.

The ruling effectively ends one of the most high-profile corporate trials in the country, removing a long-running legal risk for Lee and Samsung. This development is seen as a major boost for Samsung’s leadership at a critical time as it seeks to lead in the global AI chip race.

In a landmark decision on July 16, South Korea’s Supreme Court cleared Samsung Electronics Chairman Jay Y. Lee of all charges related to an $8 billion merger involving two of the company’s affiliates, Samsung C&T and Cheil Industries, in 2015. The ruling effectively ends one of the most high-profile corporate trials in the country, removing a long-running legal risk for Lee and Samsung. This development is seen as a major boost for Samsung’s leadership at a critical time as it seeks to lead in the global AI chip race. The case, which centred on accusations of accounting fraud, stock manipulation, and market violations, had dragged on for nearly five years. Lee was initially accused of using the merger to solidify his control over the conglomerate and manipulate stock prices to his advantage. The Supreme Court upheld lower court rulings that found insufficient evidence for the charges, marking a decisive end to the legal battle that had clouded Lee’s ability to lead the company. A long-running legal battle comes to an end At the heart of the case were allegations that Lee and his aides orchestrated the 2015 merger to help secure his succession as the leader of Samsung Group following the health crisis of his father, Lee Kun-hee, who had been in a coma since 2014. Prosecutors argued that Lee's team manipulated stock prices and engaged in fraudulent accounting practices to push the deal through, but the courts ultimately found the evidence insufficient. One of the key factors in the court’s decision was the exclusion of certain digital evidence, including data from Samsung Biologics and Samsung Bioepis servers, which prosecutors had obtained during a search. The court ruled that the authorities had failed to adhere to legal procedures when collecting the data, violating the defendants’ rights. As a result, the evidence could not be used to support the charges. The ruling comes as a welcome relief to both Samsung and Lee, as the prolonged uncertainty had weighed heavily on investor confidence and posed a risk to the company’s stability. Shares of Samsung Electronics surged 3.1 per cent following the decision, outperforming the flat market benchmark KOSPI. Analysts attribute the rise to the resolution of legal uncertainty surrounding the company and the broader optimism about Samsung’s prospects. Boost for Samsung’s future amid global tech rivalry The acquittal of Lee is expected to provide a significant boost to Samsung, which is currently navigating intense global competition in sectors like artificial intelligence and semiconductors. Analysts believe that the ruling will allow Lee to focus on long-term growth initiatives without the distraction of legal battles, enabling Samsung to maintain its position as a global technology leader. “The Supreme Court ruling clears a layer of legal uncertainty, which could be a long-term positive for Samsung,” Ryu Young-ho, a senior analyst at NH Investment & Securities, told Reuters. “If the owner takes a more active role, it could allow management to focus more on long-term initiatives rather than short-term results.” For Samsung, this legal clarity could be critical as it looks to ramp up investment in cutting-edge technologies such as AI chips. The company is also facing increasing pressure from rivals in the semiconductor industry, particularly from US-based companies like Intel and Nvidia. While the ruling provides much-needed stability for Samsung, it also highlights the challenges Lee faces in solidifying his control over the conglomerate and steering it through a period of technological transformation. As one of South Korea’s largest and most influential companies, Samsung’s fortunes have a significant impact on the country’s broader economy. Business lobby groups have praised the ruling, calling it a stabilising force at a time of economic uncertainty.

The ruling effectively ends one of the most high-profile corporate trials in the country, removing a long-running legal risk for Lee and Samsung. This development is seen as a major boost for Samsung’s leadership at a critical time as it seeks to lead in the global AI chip race.

Samsung chairman cleared of fraud charges, legal uncertainty removed

Samsung Electronics is expected to report a 92 percent Plunge in its first quarter profit that will be the lowest for any quarter in 14 years for the world's biggest maker of memory chips TVs and smartphones the decline is due to a cheap glut resulting in lower memory chip prices and inventory value.

Samsung Q1 to mark WORST quarterly performance in 14 years

Samsung Electronics Co Ltd flagged on Friday its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.

World Business Watch: Samsung Electronics quarterly profit sinks to an eight-year low

Samsung Electronics Co Ltd flagged on Friday that its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.

The dismal profit estimate by the world's largest memory chip, smartphone and TV maker — a bellwether for global consumer demand — sets a weak tone for other technology firms' quarterly results.

Samsung's profits are expected to shrink again in the current quarter, analysts said, after the South Korean company announced its October-December operating profit likely fell 69% to 4.3 trillion won ($3.37 billion) from 13.87 trillion won a year earlier.

It was Samsung's smallest quarterly profit since the third quarter of 2014 and fell short of a 5.9 trillion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.

"All of Samsung's businesses had a hard time, but chips and mobile especially," said Lee Min-hee, analyst at BNK Investment &amp; Securities.

Quarterly revenue likely fell 9% from the same period a year earlier to 70 trillion won, Samsung said in a short preliminary earnings statement. Asia's fourth-biggest listed company by market value will release detailed earnings on Jan. 31.

Rising global interest rates and cost of living have dampened demand for smartphones and other devices that Samsung makes and also for the semiconductors it supplies to rivals such as Apple Inc.

"For the memory business, the decline in fourth-quarter demand was greater than expected as customers adjusted inventories in their effort to further tighten finances...," Samsung said in the statement.

Also Read | <a href="http://www.wionnews.com/world/samsung-quarterly-profit-set-to-slump-25-first-decline-in-nearly-three-years-522972">Samsung quarterly profit set to slump 25%, first decline in nearly three years</a>

Its mobile business' profit declined in the fourth quarter as smartphone sales and revenue decreased due to weak demand resulting from prolonged macroeconomic issues, Samsung added.

"Memory chip prices fell in the mid-20% during the quarter, and high-end phones such as foldable didn't sell as well," said BNK Investment's Lee, adding its display business was hurt due to client Apple's production delays at the world's biggest iPhone factory in China during the quarter.

Three analysts said they expected Samsung's profits to dive again in the current quarter, with a likely operating loss for the chips business as a glut drives a further drop in memory chip prices.

Watch | Samsung profit at 8-year low on demand slump&nbsp;

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Samsung shares closed 1.4% higher on Friday, versus a 1.1% rise of the wider market. Shares of rival memory chip maker SK Hynix&nbsp;rose 2.1%.

"The reason shares are rising despite the poor earnings result is.. investors are hoping Samsung will need to reduce production, like Micron or SK Hynix said they would, which would help the memory industry overall," said Eo Kyu-jin, an analyst at DB Financial Investment.

Samsung had said in October that it did not expect much change to its 2023 investments. Analysts said that Samsung has a history of not announcing memory chip production cuts, but could organically adjust investment by delaying bringing in equipment or in other ways. 
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Samsung Electronics Co Ltd flagged on Friday that its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.

Samsung Electronics Co Ltd flagged on Friday that its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices. The dismal profit estimate by the world's largest memory chip, smartphone and TV maker — a bellwether for global consumer demand — sets a weak tone for other technology firms' quarterly results. Samsung's profits are expected to shrink again in the current quarter, analysts said, after the South Korean company announced its October-December operating profit likely fell 69% to 4.3 trillion won ($3.37 billion) from 13.87 trillion won a year earlier. It was Samsung's smallest quarterly profit since the third quarter of 2014 and fell short of a 5.9 trillion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. "All of Samsung's businesses had a hard time, but chips and mobile especially," said Lee Min-hee, analyst at BNK Investment & Securities. Quarterly revenue likely fell 9% from the same period a year earlier to 70 trillion won, Samsung said in a short preliminary earnings statement. Asia's fourth-biggest listed company by market value will release detailed earnings on Jan. 31. Rising global interest rates and cost of living have dampened demand for smartphones and other devices that Samsung makes and also for the semiconductors it supplies to rivals such as Apple Inc. "For the memory business, the decline in fourth-quarter demand was greater than expected as customers adjusted inventories in their effort to further tighten finances...," Samsung said in the statement. Also Read | Samsung quarterly profit set to slump 25%, first decline in nearly three years Its mobile business' profit declined in the fourth quarter as smartphone sales and revenue decreased due to weak demand resulting from prolonged macroeconomic issues, Samsung added. "Memory chip prices fell in the mid-20% during the quarter, and high-end phones such as foldable didn't sell as well," said BNK Investment's Lee, adding its display business was hurt due to client Apple's production delays at the world's biggest iPhone factory in China during the quarter. Three analysts said they expected Samsung's profits to dive again in the current quarter, with a likely operating loss for the chips business as a glut drives a further drop in memory chip prices. Watch | Samsung profit at 8-year low on demand slump Samsung shares closed 1.4% higher on Friday, versus a 1.1% rise of the wider market. Shares of rival memory chip maker SK Hynix rose 2.1%. "The reason shares are rising despite the poor earnings result is.. investors are hoping Samsung will need to reduce production, like Micron or SK Hynix said they would, which would help the memory industry overall," said Eo Kyu-jin, an analyst at DB Financial Investment. Samsung had said in October that it did not expect much change to its 2023 investments. Analysts said that Samsung has a history of not announcing memory chip production cuts, but could organically adjust investment by delaying bringing in equipment or in other ways.

Samsung's quarterly profit plunges to 8-year low on demand slump

Samsung Electronics flagged a worse-than-expected 32% drop in quarterly operating earnings, as demand for electronic devices and the memory chips shrank due to an economic downturn.

World Business Watch: Samsung Electronics posts first quarterly earnings drop in nearly 3 years

As the monkeypox virus continues to spread, Germany confirmed the first case in a four-year-old child. German health officials detected the virus in a girl reportedly living with two infected adults. But she has no symptoms currently even as doctors took the swab for diagnosis.

The country’s Robert Koch Institute (RKI) had confirmed the spread of monkeypox virus among teenagers last week. Germany has recorded 2,900 monkeypox cases so far.

<a href="https://www.wionews.com/world/us-moves-to-stretch-out-monkeypox-vaccine-supply-505298">Also Read:&nbsp;US moves to stretch out monkeypox vaccine supply</a>

Monkeypox cases in Europe have surged since May. RKI said the risk to the population was low, but added it would continue to “monitor” the situation. Germany’s standing committee on health said in order to prevent the outbreak, it is important for the country to start the vaccination campaign.

However, the German committee said it had only 40,000 doses of Jynneos vaccine while it ordered another 200,000 doses.

Watch:&nbsp;California declares monkeypox emergency

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The United States had declared monkeypox a public health emergency last week as it sought to ramp up the supply of vaccines. The US is one of the worst-hit countries with over 9,000 monkeypox cases. New York is currently the epicentre of the virus with majority of cases involving men who have had sex with men, reports say.

On Monday, Peru recorded the first monkeypox death while reporting over 300 cases. Health officials said the 45-year-old man suffered from comorbidities.&nbsp;Hospitals in the country have been reporting eight to nine monkeypox cases per day.

According to the World Health Organisation(WHO), over 18,000 people have been infected with the monkeypox virus outside Africa in at least 78 countries worldwide with the majority of cases currently in Europe.

(With inputs from Agencies)

WATCH WION LIVE HERE

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As the monkeypox virus continues to spread, Germany confirmed the first case in a four-year-old child. German health officials detected the virus in a girl reportedly living with two infected adults.

As the monkeypox virus continues to spread, Germany confirmed the first case in a four-year-old child. German health officials detected the virus in a girl reportedly living with two infected adults. But she has no symptoms currently even as doctors took the swab for diagnosis. The country’s Robert Koch Institute (RKI) had confirmed the spread of monkeypox virus among teenagers last week. Germany has recorded 2,900 monkeypox cases so far. Also Read: US moves to stretch out monkeypox vaccine supply Monkeypox cases in Europe have surged since May. RKI said the risk to the population was low, but added it would continue to “monitor” the situation. Germany’s standing committee on health said in order to prevent the outbreak, it is important for the country to start the vaccination campaign. However, the German committee said it had only 40,000 doses of Jynneos vaccine while it ordered another 200,000 doses. Watch: California declares monkeypox emergency The United States had declared monkeypox a public health emergency last week as it sought to ramp up the supply of vaccines. The US is one of the worst-hit countries with over 9,000 monkeypox cases. New York is currently the epicentre of the virus with majority of cases involving men who have had sex with men, reports say. On Monday, Peru recorded the first monkeypox death while reporting over 300 cases. Health officials said the 45-year-old man suffered from comorbidities. Hospitals in the country have been reporting eight to nine monkeypox cases per day. According to the World Health Organisation(WHO), over 18,000 people have been infected with the monkeypox virus outside Africa in at least 78 countries worldwide with the majority of cases currently in Europe. (With inputs from Agencies) WATCH WION LIVE HERE

South Korea jails three executives of Samsung Electronics

A&nbsp;South&nbsp;Korean&nbsp;court&nbsp;on Wednesday upheld a record $873&nbsp;million&nbsp;fine&nbsp;against&nbsp;US&nbsp;chip&nbsp;giant&nbsp;<a href="https://www.wionews.com/science-tech/tech-group-sides-with-apple-in-qualcomms-iphone-ban-dispute-18142">Qualcomm&nbsp;</a>for unfair business practices related to patent licensing and modem&nbsp;chip&nbsp;sales.

Seoul High&nbsp;Court&nbsp;Judge Noh Tae-ak rejected the company's appeal&nbsp;against&nbsp;the penalty imposed by the Korea Fair Trade Commission (KFTC) in 2016 saying&nbsp;Qualcomm&nbsp;had abused its dominant market position.

The&nbsp;court, however, said the regulator's claims that&nbsp;Qualcomm&nbsp;had disadvantaged smartphone makers by signing "comprehensive" licensing deals lacked evidence, opening the door for the company to continue such practices.

It was not immediately clear whether either side would appeal to the Supreme&nbsp;Court.

Qualcomm, the world's biggest supplier of mobile phone&nbsp;chips, derives most of its profits from a business segment that invents technologies and licenses them.

The company forecast between $1.3 billion and $1.5 billion in revenue for that segment for its fiscal first quarter, above analyst expectations of $1.23 billion, according to IBES data from Refinitiv.

Qualcomm&nbsp;is a top&nbsp;chip&nbsp;supplier to&nbsp;South&nbsp;Korean&nbsp;smartphone makers <a href="https://www.wionews.com/business-economy/samsung-electronics-third-quarter-net-profit-slumps-52-258964">Samsung Electronics</a>&nbsp;and <a href="https://www.wionews.com/business-economy/lg-electronics-joins-hands-with-here-technologies-self-driving-cars-27857">LG Electronics</a>, as well as to <a href="https://www.wionews.com/business-economy/apple-asks-united-states-to-waive-tariffs-on-chinese-made-watches-iphone-parts-airpods-259657">Apple Inc</a>.

A South Korean court on Wednesday upheld a record $873 million fine against US chip giant Qualcomm for unfair business practices related to patent licensing and modem chip sales.

A South Korean court on Wednesday upheld a record $873 million fine against US chip giant Qualcomm for unfair business practices related to patent licensing and modem chip sales. Seoul High Court Judge Noh Tae-ak rejected the company's appeal against the penalty imposed by the Korea Fair Trade Commission (KFTC) in 2016 saying Qualcomm had abused its dominant market position. The court, however, said the regulator's claims that Qualcomm had disadvantaged smartphone makers by signing "comprehensive" licensing deals lacked evidence, opening the door for the company to continue such practices. It was not immediately clear whether either side would appeal to the Supreme Court. Qualcomm, the world's biggest supplier of mobile phone chips, derives most of its profits from a business segment that invents technologies and licenses them. The company forecast between $1.3 billion and $1.5 billion in revenue for that segment for its fiscal first quarter, above analyst expectations of $1.23 billion, according to IBES data from Refinitiv. Qualcomm is a top chip supplier to South Korean smartphone makers Samsung Electronics and LG Electronics, as well as to Apple Inc.

South Korea imposes $873 million fine against US chip gaint Qualcomm

The Seoul city government said on Tuesday that it has approved the long-delayed construction of&nbsp;<a href="https://www.wionews.com/business-economy/hyundai-motor-group-to-invest-35-billion-in-future-automotive-tech-256032">Hyundai&nbsp;Motor Group's</a> new headquarters in the affluent district of&nbsp;Gangnam, which is set to be&nbsp;South&nbsp;Korea's&nbsp;tallest&nbsp;skyscraper&nbsp;when completed in 2026.

The 569-meter&nbsp;building will break ground in the first half of 2020, Seoul city said in a statement.

The approval came more than four years after&nbsp;Hyundai&nbsp;Motor Group,&nbsp;South&nbsp;Korea's&nbsp;second-largest conglomerate, offered to purchase the site with $10 billion in 2014, more than triple it's market price, outbidding <a href="https://www.wionews.com/business-economy/samsung-electronics-third-quarter-net-profit-slumps-52-258964">Samsung Electronics Co Ltd</a> and sparking a stock sell-off.

The construction, originally scheduled to commence in 2016, was delayed partly due to security concerns raised by&nbsp;South&nbsp;Korea's&nbsp;air force, which said the&nbsp;building would interfere with radar and military operations, a Seoul city official said.

Hyundai&nbsp;signed an agreement with the defense ministry to resolve operational restrictions until the construction of the&nbsp;building has reached around 260 meters high, the official said, adding that the construction can be suspended should&nbsp;Hyundai&nbsp;fail to do so.

The&nbsp;building, consisting of 105 floors, will house not only offices but a car theme park, a hotel, a concert hall and a convention center, according to its 2014 plan. It will be home to 18,000 employees from 30 affiliates of the conglomerate, it said at the time.

Hyundai&nbsp;Motor said in March that it was in talks with potential investors to share additional investment costs worth about 3.7 trillion won needed to develop its new headquarters, following a call by US&nbsp;hedge fund Elliott Management Corp to drop the controversial project.

Hyundai&nbsp;Motor is trying to rebound from its sixth consecutive annual profit declines while accelerating its investments in future technologies.

Hyundai&nbsp;said it "will continue to work closely with the Seoul Metropolitan Government to proceed with the project in compliance with the administrative procedures.”

The Seoul city government said on Tuesday that it has approved the long-delayed construction of Hyundai Motor Group's new headquarters in the affluent district of Gangnam, which is set to be South Korea's tallest skyscraper when completed in 2026.

The Seoul city government said on Tuesday that it has approved the long-delayed construction of Hyundai Motor Group's new headquarters in the affluent district of Gangnam, which is set to be South Korea's tallest skyscraper when completed in 2026. The 569-meter building will break ground in the first half of 2020, Seoul city said in a statement. The approval came more than four years after Hyundai Motor Group, South Korea's second-largest conglomerate, offered to purchase the site with $10 billion in 2014, more than triple it's market price, outbidding Samsung Electronics Co Ltd and sparking a stock sell-off. The construction, originally scheduled to commence in 2016, was delayed partly due to security concerns raised by South Korea's air force, which said the building would interfere with radar and military operations, a Seoul city official said. Hyundai signed an agreement with the defense ministry to resolve operational restrictions until the construction of the building has reached around 260 meters high, the official said, adding that the construction can be suspended should Hyundai fail to do so. The building, consisting of 105 floors, will house not only offices but a car theme park, a hotel, a concert hall and a convention center, according to its 2014 plan. It will be home to 18,000 employees from 30 affiliates of the conglomerate, it said at the time. Hyundai Motor said in March that it was in talks with potential investors to share additional investment costs worth about 3.7 trillion won needed to develop its new headquarters, following a call by US hedge fund Elliott Management Corp to drop the controversial project. Hyundai Motor is trying to rebound from its sixth consecutive annual profit declines while accelerating its investments in future technologies. Hyundai said it "will continue to work closely with the Seoul Metropolitan Government to proceed with the project in compliance with the administrative procedures.”

Hyundai gets nod to build South Korea's tallest skyscraper for Gangnam HQ

South Korea's Samsung Electronics Co Ltd said on Wednesday it plans to cut production at a smartphone plant in China, as competition from domestic rivals squeezes its share of the world's biggest smartphone market to less than a paltry 1%.

The output reduction at the factory in the southern city of Huizhou comes just six months after Samsung said it would close its only other handset plant in China, in the northeastern city of Tianjin, in a move it said would enhance efficiency.

Samsung, the world's biggest smartphone maker, has seen its share of China's market shrink from about 20% in 2013, showed data from Strategy Analytics. The intervening years have seen a bout of anti-South Korean sentiment following a diplomatic spat, as well as a shift to local champions like Huawei Technologies Co Ltd at a time of deteriorating Sino-U.S. relations.

In the three months of 2019, however, Samsung's smartphone sales volume in China rose 40% versus the previous three months, helped strong promotion of premium models and cheaper mass-market handsets, showed an April report from Counterpoint Research.

Samsung's Wednesday statement followed a report by financial magazine Caixin saying the South Korean firm had offered voluntary redundancy for some employees at the Huizhou plant.

Samsung declined to detail the plant's capacity, staff numbers or degree of production cut when contacted by Reuters.

A spokesman in China told Reuters there would be "some adjustment to production volume and staff" based on the market situation. He declined to provide details.

The smartphone maker's share price was 1.0% higher in afternoon trade in Seoul. The KOSPI benchmark share price index was down 1.0%.

South Korea's Samsung Electronics Co Ltd said on Wednesday it plans to cut production at a smartphone plant in China, as competition from domestic rivals squeezes its share of the world's biggest smartphone market to less than a paltry 1%.

South Korea's Samsung Electronics Co Ltd said on Wednesday it plans to cut production at a smartphone plant in China, as competition from domestic rivals squeezes its share of the world's biggest smartphone market to less than a paltry 1%. The output reduction at the factory in the southern city of Huizhou comes just six months after Samsung said it would close its only other handset plant in China, in the northeastern city of Tianjin, in a move it said would enhance efficiency. Samsung, the world's biggest smartphone maker, has seen its share of China's market shrink from about 20% in 2013, showed data from Strategy Analytics. The intervening years have seen a bout of anti-South Korean sentiment following a diplomatic spat, as well as a shift to local champions like Huawei Technologies Co Ltd at a time of deteriorating Sino-U.S. relations. In the three months of 2019, however, Samsung's smartphone sales volume in China rose 40% versus the previous three months, helped strong promotion of premium models and cheaper mass-market handsets, showed an April report from Counterpoint Research. Samsung's Wednesday statement followed a report by financial magazine Caixin saying the South Korean firm had offered voluntary redundancy for some employees at the Huizhou plant. Samsung declined to detail the plant's capacity, staff numbers or degree of production cut when contacted by Reuters. A spokesman in China told Reuters there would be "some adjustment to production volume and staff" based on the market situation. He declined to provide details. The smartphone maker's share price was 1.0% higher in afternoon trade in Seoul. The KOSPI benchmark share price index was down 1.0%.

Samsung Electronics to cut China phone output as market share sinks

Samsung Electronics Co Ltd said on Friday it was heading for its lowest quarterly profit in more than two years as a glut in memory chips, slowing panel sales and rising competition in smartphones hit margins.

The South Korean tech giant said first-quarter operating profit likely slid 60 per cent from a year earlier, missing market expectations and putting it on track for its weakest quarterly profit since late 2016.

Shares in Samsung rose briefly before paring gains to trade flat following the guidance, as many investors are already looking ahead to an earnings recovery on the back an improvement in chip prices in the second half of the year.

Samsung supplies memory chips and screens for its own smartphones and Apple Inc, and server chips for cloud companies such as Amazon. Its semiconductor business is the main profit driver.

"In the second half, memory chip prices will have a soft landing, so falls will slow, and the release of new iPhones later seems like a good sign for Samsung's display and memory chips," said Kim Yang-Jae, an analyst at KTB Investment and Securities.

The world's biggest maker of smartphones and memory chips said in a filing January-March profit was likely 6.2 trillion won ($5.5 billion), missing the 6.8 trillion won estimate from analysts according to Definitive SmartEstimate.

Revenue likely fell 14 per cent from a year earlier to 52 trillion won. The firm will disclose detailed earnings in late April.

Samsung shares were flat as of 0120 GMT, while the broader market up 0.2 per cent.

The firm earlier had warned the quarter could be disappointing due to falls in memory prices, and slowing demand for display panels used in Apple's iPhones.

Samsung's premium Galaxy smartphones meanwhile are struggling to be profitable due to rising costs of innovation, competition from Chinese rivals and the reluctance of consumers to upgrade, analysts have said.

HIT BOTTOM

Samsung's share price has leapt more than 25 per cent since sinking to a two-year low in early January as some investors bet on a recovery in chip demand.

SK Hynix Inc, Micron Technology Inc and Samsung - which dominate the global market for dynamic random access memory, or DRAM, chips used in personal computers, smartphones and servers - recently have issued upbeat assessments of the prospects for a recovery in chip prices.

Hopes were buoyed further when data showed the manufacturing sector in China, the world's biggest smartphone market, unexpectedly returned to growth for the first time in four months in March.

Samsung is betting a new line-up of smartphones including a foldable handset and a 5G-enabled model will help boost its market share in China, which crashed with the advent of cheaper Chinese rivals like Huawei Technologies Co Ltd.

But its latest phones are expensive to make, weighing on profitability even as it sells faster than its predecessor, analysts say.

"New smartphones coming out in the second half won't necessarily help its smartphone business, but will be a plus for Samsung's chip side as those phones require high-density chip adoptions," said Park Sung-soon, an analyst at BNK Securities.

Samsung Electronics Co Ltd said on Friday it was heading for its lowest quarterly profit in more than two years as a glut in memory chips, slowing panel sales and rising competition in smartphones hit margins.

Samsung Electronics Co Ltd said on Friday it was heading for its lowest quarterly profit in more than two years as a glut in memory chips, slowing panel sales and rising competition in smartphones hit margins. The South Korean tech giant said first-quarter operating profit likely slid 60 per cent from a year earlier, missing market expectations and putting it on track for its weakest quarterly profit since late 2016. Shares in Samsung rose briefly before paring gains to trade flat following the guidance, as many investors are already looking ahead to an earnings recovery on the back an improvement in chip prices in the second half of the year. Samsung supplies memory chips and screens for its own smartphones and Apple Inc, and server chips for cloud companies such as Amazon. Its semiconductor business is the main profit driver. "In the second half, memory chip prices will have a soft landing, so falls will slow, and the release of new iPhones later seems like a good sign for Samsung's display and memory chips," said Kim Yang-Jae, an analyst at KTB Investment and Securities. The world's biggest maker of smartphones and memory chips said in a filing January-March profit was likely 6.2 trillion won ($5.5 billion), missing the 6.8 trillion won estimate from analysts according to Definitive SmartEstimate. Revenue likely fell 14 per cent from a year earlier to 52 trillion won. The firm will disclose detailed earnings in late April. Samsung shares were flat as of 0120 GMT, while the broader market up 0.2 per cent. The firm earlier had warned the quarter could be disappointing due to falls in memory prices, and slowing demand for display panels used in Apple's iPhones. Samsung's premium Galaxy smartphones meanwhile are struggling to be profitable due to rising costs of innovation, competition from Chinese rivals and the reluctance of consumers to upgrade, analysts have said. HIT BOTTOM Samsung's share price has leapt more than 25 per cent since sinking to a two-year low in early January as some investors bet on a recovery in chip demand. SK Hynix Inc, Micron Technology Inc and Samsung - which dominate the global market for dynamic random access memory, or DRAM, chips used in personal computers, smartphones and servers - recently have issued upbeat assessments of the prospects for a recovery in chip prices. Hopes were buoyed further when data showed the manufacturing sector in China, the world's biggest smartphone market, unexpectedly returned to growth for the first time in four months in March. Samsung is betting a new line-up of smartphones including a foldable handset and a 5G-enabled model will help boost its market share in China, which crashed with the advent of cheaper Chinese rivals like Huawei Technologies Co Ltd. But its latest phones are expensive to make, weighing on profitability even as it sells faster than its predecessor, analysts say. "New smartphones coming out in the second half won't necessarily help its smartphone business, but will be a plus for Samsung's chip side as those phones require high-density chip adoptions," said Park Sung-soon, an analyst at BNK Securities.

Samsung sees lowest quarterly profit in more than two years

Samsung Electronics apologised Friday to workers who developed cancer after working at its semiconductor factories, ending a decade-long dispute at the world's top chipmaker.&nbsp;

"We sincerely apologise to the workers who suffered from illness and their families," said Samsung co-president Kim Ki-nam.&nbsp;

"We have failed to properly manage health risks at our semiconductor and LCD factories."

Campaign groups say that 320 people have suffered from work-related illnesses after being employed by Samsung, with 118 of them dying.

Under a deal announced earlier this month, the firm will pay compensation of up to $133,000&nbsp;per case.

It covers 16 types of cancer, some other rare illnesses, miscarriages and congenital diseases suffered by the workers' children.

The scandal emerged in 2007 when former workers at its semiconductor and display factories in Suwon, south of Seoul, and their families said that staff had been diagnosed or died of various forms of cancer.&nbsp;

A series of rulings and decisions by courts, Seoul's state labour welfare agency and a mediation committee followed over more than 10 years, culminating in Friday's announcement.

Relatives' leader Hwang Sang-gi, whose 22-year-old son died of leukaemia, said Friday: "The apology honestly was not enough for the families of the victims but we will accept it."

Samsung Electronics apologised Friday to workers who developed cancer after working at its semiconductor factories, ending a decade-long dispute at the world's top chipmaker.

Samsung Electronics apologised Friday to workers who developed cancer after working at its semiconductor factories, ending a decade-long dispute at the world's top chipmaker. "We sincerely apologise to the workers who suffered from illness and their families," said Samsung co-president Kim Ki-nam. "We have failed to properly manage health risks at our semiconductor and LCD factories." Campaign groups say that 320 people have suffered from work-related illnesses after being employed by Samsung, with 118 of them dying. Under a deal announced earlier this month, the firm will pay compensation of up to $133,000 per case. It covers 16 types of cancer, some other rare illnesses, miscarriages and congenital diseases suffered by the workers' children. The scandal emerged in 2007 when former workers at its semiconductor and display factories in Suwon, south of Seoul, and their families said that staff had been diagnosed or died of various forms of cancer. A series of rulings and decisions by courts, Seoul's state labour welfare agency and a mediation committee followed over more than 10 years, culminating in Friday's announcement. Relatives' leader Hwang Sang-gi, whose 22-year-old son died of leukaemia, said Friday: "The apology honestly was not enough for the families of the victims but we will accept it."

Samsung electronics apologises to workers over cancer cases in semiconductor factories

Apple is preparing to release three new smartphones later this year, including the largest iPhone ever, a device that may have a bigger display than arch-rival Samsung&#39;s flagship phone, Bloomberg reported on Monday, citing people familiar with the products.

The trio also includes an upgraded handset the same size as the current iPhone X and a less expensive model with some of the X&#39;s key features.

The new phones could revive the screen size wars of years past at a time when smartphone makers are straining to come up with new features to lure buyers in a saturated market. Global smartphone sales were down 0.1 per cent last year, according to research firm IDC, with Apple and Samsung Electronics Co Ltd expanding shipments only 1.9 per cent and 0.2 per cent, respectively.

The iPhone maker is already running production tests with suppliers and is expected to announce the new phones this fall. However, the plans could still change, the report said.&nbsp;

Apple declined to comment. Its shares were up almost 2 per cent at $178.95 in midday trade. Earlier in the day, billionaire Warren Buffett talked up his company&#39;s stake in the iPhone maker, which also helped boost shares.

Bloomberg reported the largest iPhone could have a screen of close to 6.5 inches (16.5 cm), larger than the 6.2-inch (15.75 cm) Samsung Galaxy S9 Plus announced on Monday in Barcelona, Spain, and larger than the current Samsung Note 8&#39;s 6.3-inch screen. Samsung traditionally announces new Note series devices in the fall, so it is possible it might launch a larger screen around the same time Apple&#39;s new models hit the market.

But Bob O&#39;Donnell, head of Technalysis Research, said the reported trio of new iPhones was &quot;a very logical extension of the product line&quot; for Apple: &quot;One bigger, one cheaper, and one upgrade to the existing iPhone X.&quot;

The Cupertino-based company earlier this month forecast disappointing revenue of $60 billion to $62 billion for its fiscal second quarter ending in March, with a number of media reports pointing to slack demand for iPhone X after unit sales failed to meet expectations in the run-up to Christmas.

With global smartphone sales roughly flat, vendors are focusing on features designed to encourage consumers to ditch their old phones earlier than they would have previously.

&quot;The whole nature of smartphone purchase decisions have changed,&quot; O&#39;Donnell said. &quot;It&#39;s not about what is the newest, greatest model. It&#39;s about when is my phone so old I need to upgrade, and what&#39;s available when I need a new one.&quot;

Samsung on Sunday unveiled its flagship Galaxy S9 smartphone with an emphasis on visual applications for social media, improved cameras, and an artificial intelligence-powered voice tool.

Bloomberg said the body of the larger phone will be about the same size as the iPhone 8 Plus, but the screen will be about an inch larger than 8 Plus&#39;s, thanks to edge-to-edge design. Apple also plans a gold-colored device to help boost sales in Asia, Bloomberg reported.

Apple is also preparing an update to the regular-sized iPhone X, Bloomberg said, adding that the phones are expected to use next-generation A12 processors and will continue to include stainless steel edges and will be Apple&#39;s high-end smartphone offerings.

What remains unclear is whether Apple will also cut any current iPhone models from its lineup. The company has kept older models like the iPhone SE - essentially an updated iPhone 5 - on shelves to an unprecedented degree, providing lower-priced offerings for developing markets like India.

Apple has also embraced the used iPhone market as a way to expand its share of smartphone users. When customers sell their old iPhone for a new one, the old iPhone &ldquo;winds up with another customer somewhere else that is perfectly fine with having a previously owned iPhone,&quot; CEO Tim Cook told investors on an earnings call earlier this month.

Apple is preparing to release three new smartphones later this year, including the largest iPhone ever

Apple is preparing to release three new smartphones later this year, including the largest iPhone ever, a device that may have a bigger display than arch-rival Samsung's flagship phone, Bloomberg reported on Monday, citing people familiar with the products. The trio also includes an upgraded handset the same size as the current iPhone X and a less expensive model with some of the X's key features. The new phones could revive the screen size wars of years past at a time when smartphone makers are straining to come up with new features to lure buyers in a saturated market. Global smartphone sales were down 0.1 per cent last year, according to research firm IDC, with Apple and Samsung Electronics Co Ltd expanding shipments only 1.9 per cent and 0.2 per cent, respectively. The iPhone maker is already running production tests with suppliers and is expected to announce the new phones this fall. However, the plans could still change, the report said. Apple declined to comment. Its shares were up almost 2 per cent at $178.95 in midday trade. Earlier in the day, billionaire Warren Buffett talked up his company's stake in the iPhone maker, which also helped boost shares. Bloomberg reported the largest iPhone could have a screen of close to 6.5 inches (16.5 cm), larger than the 6.2-inch (15.75 cm) Samsung Galaxy S9 Plus announced on Monday in Barcelona, Spain, and larger than the current Samsung Note 8's 6.3-inch screen. Samsung traditionally announces new Note series devices in the fall, so it is possible it might launch a larger screen around the same time Apple's new models hit the market. But Bob O'Donnell, head of Technalysis Research, said the reported trio of new iPhones was "a very logical extension of the product line" for Apple: "One bigger, one cheaper, and one upgrade to the existing iPhone X." The Cupertino-based company earlier this month forecast disappointing revenue of $60 billion to $62 billion for its fiscal second quarter ending in March, with a number of media reports pointing to slack demand for iPhone X after unit sales failed to meet expectations in the run-up to Christmas. With global smartphone sales roughly flat, vendors are focusing on features designed to encourage consumers to ditch their old phones earlier than they would have previously. "The whole nature of smartphone purchase decisions have changed," O'Donnell said. "It's not about what is the newest, greatest model. It's about when is my phone so old I need to upgrade, and what's available when I need a new one." Samsung on Sunday unveiled its flagship Galaxy S9 smartphone with an emphasis on visual applications for social media, improved cameras, and an artificial intelligence-powered voice tool. Bloomberg said the body of the larger phone will be about the same size as the iPhone 8 Plus, but the screen will be about an inch larger than 8 Plus's, thanks to edge-to-edge design. Apple also plans a gold-colored device to help boost sales in Asia, Bloomberg reported. Apple is also preparing an update to the regular-sized iPhone X, Bloomberg said, adding that the phones are expected to use next-generation A12 processors and will continue to include stainless steel edges and will be Apple's high-end smartphone offerings. What remains unclear is whether Apple will also cut any current iPhone models from its lineup. The company has kept older models like the iPhone SE - essentially an updated iPhone 5 - on shelves to an unprecedented degree, providing lower-priced offerings for developing markets like India. Apple has also embraced the used iPhone market as a way to expand its share of smartphone users. When customers sell their old iPhone for a new one, the old iPhone “winds up with another customer somewhere else that is perfectly fine with having a previously owned iPhone," CEO Tim Cook told investors on an earnings call earlier this month.

Apple plans biggest iPhone yet for 2018: Report

Samsung Electronics Co Ltd unveiled its flagship Galaxy S9 smartphone on Sunday with an emphasis on visual applications for social media, hoping to attract tech-savvy young consumers to whether a market slowdown.

The S9 and S9+ have the same bezel-less designs with the tall 18.5:9 aspect ratio screens.&nbsp;

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&nbsp;

The 5.8-inch screen in the S9 and the 6.2-inch screen in the S9+ are the same Super AMOLED panels as before, but Samsung claims to have boosted the brightness levels this time around.&nbsp;

While the design remains the same, the new phones are slightly different in terms of the dimensions, which means if you are upgrading, the same cases and covers may not work.

Processor

While some markets will get the Qualcomm Snapdragon 845 processor with 4GB or 6GB RAM, other markets such as India will get Samsung&rsquo;s latest Exynos processors.

Colours

The Galaxy S9 and S9+ will be offered in Midnight Black, Titanium Gray, Coral Blue and a new hue, Lilac Purple.

Availability

Samsung Galaxy S9 and Galaxy S9+ are officially going on sale in international markets like the US, etc on March 16. The India launch should take place after this, though Samsung is also accepting pre-bookings on its online store for an amount of Rs 2000. Samsung will likely launch this phone in India by March given that pre-bookings are open.

Price

Samsung Galaxy S9 starts at a price of $720 in the US which is Rs 46,000 plus on conversion in India. The Galaxy S9+ starts at a price of $840 in the US, which is Rs 54,000. Of course, the final pricing in India could be higher.

Camera

Samsung Galaxy S9 and S9+ smartphones come with &quot;Super Slow-mo&quot; video, a new &quot;Dual Aperture&quot; lens powering an innovative low-light camera and &quot;AR Emoji&quot; for creating personalised experiences.

The Galaxy S9 and S9+ cameras have a &quot;SuperSpeed Dual Pixel&quot; sensor with dedicated processing power and memory to take high-quality pictures.

Samsung`s &quot;Dual Aperture&quot; (F1.5 / F2.4) - the world`s first such feature in any smartphone -- automatically lets in more light when it`s dark and less light when it`s too bright, taking photos that are crisp and clear.

The &quot;Super Slow-mo&quot; video captures 960 frames per second. The &quot;Slow-mo&quot; videos can also be turned into GIFs.

The Galaxy S9 and S9+ also offer automatic &quot;Motion Detection&quot;, a feature that detects movement in the frame and automatically begins to record -- all users have to do is set up the shot.

After capturing the &quot;Super Slow-mo&quot; video, users can select background music from 35 different options or add a tune from their favourite playlist.

While the design remains the same, the new phones are slightly different in terms of the dimensions

Samsung Electronics Co Ltd unveiled its flagship Galaxy S9 smartphone on Sunday with an emphasis on visual applications for social media, hoping to attract tech-savvy young consumers to whether a market slowdown. The S9 and S9+ have the same bezel-less designs with the tall 18.5:9 aspect ratio screens. × The 5.8-inch screen in the S9 and the 6.2-inch screen in the S9+ are the same Super AMOLED panels as before, but Samsung claims to have boosted the brightness levels this time around. While the design remains the same, the new phones are slightly different in terms of the dimensions, which means if you are upgrading, the same cases and covers may not work. Processor While some markets will get the Qualcomm Snapdragon 845 processor with 4GB or 6GB RAM, other markets such as India will get Samsung’s latest Exynos processors. Colours The Galaxy S9 and S9+ will be offered in Midnight Black, Titanium Gray, Coral Blue and a new hue, Lilac Purple. Availability Samsung Galaxy S9 and Galaxy S9+ are officially going on sale in international markets like the US, etc on March 16. The India launch should take place after this, though Samsung is also accepting pre-bookings on its online store for an amount of Rs 2000. Samsung will likely launch this phone in India by March given that pre-bookings are open. Price Samsung Galaxy S9 starts at a price of $720 in the US which is Rs 46,000 plus on conversion in India. The Galaxy S9+ starts at a price of $840 in the US, which is Rs 54,000. Of course, the final pricing in India could be higher. Camera Samsung Galaxy S9 and S9+ smartphones come with "Super Slow-mo" video, a new "Dual Aperture" lens powering an innovative low-light camera and "AR Emoji" for creating personalised experiences. The Galaxy S9 and S9+ cameras have a "SuperSpeed Dual Pixel" sensor with dedicated processing power and memory to take high-quality pictures. Samsung`s "Dual Aperture" (F1.5 / F2.4) - the world`s first such feature in any smartphone -- automatically lets in more light when it`s dark and less light when it`s too bright, taking photos that are crisp and clear. The "Super Slow-mo" video captures 960 frames per second. The "Slow-mo" videos can also be turned into GIFs. The Galaxy S9 and S9+ also offer automatic "Motion Detection", a feature that detects movement in the frame and automatically begins to record -- all users have to do is set up the shot. After capturing the "Super Slow-mo" video, users can select background music from 35 different options or add a tune from their favourite playlist.

Samsung Galaxy S9, Galaxy S9+ will be available in India in March

Samsung Electronics Co Ltd on Tuesday estimated a 64 per cent jump in fourth-quarter operating profit to a new record, but the guidance fell short of market expectations as the strong won and year-end bonuses dented profits.&nbsp;

The global memory chip leader and Apple Inc smartphone rival said its October-December profit was likely 15.1 trillion won ($14.1 billion), compared with a 15.9 trillion won average estimate from 17 analysts surveyed in a Thomson Reuters poll.&nbsp;

Based on the guidance, Samsung&#39;s 2017 operating profit is likely 53.6 trillion won, compared to the previous year&#39;s 29.2 trillion won, putting the South Korean tech giant on course for a record annual profit as strong DRAM memory chip prices continued to fatten margins.&nbsp;

Revenue was estimated to have increased 24 percent to 66 trillion won, versus the analysts&#39;&nbsp;average forecast of 66.8 trillion won.&nbsp;

Samsung did not elaborate on its October-December performance and will disclose detailed results at the end of January.&nbsp;

The continued rise in the price of DRAM chips, in especially hot demand for data centre servers, more than made up for a drop in NAND chip prices and a stronger won, analysts said.&nbsp;

But the outlook for semiconductors in 2018 is mixed, and Samsung shares have fallen 9.6 percent from their all-time high in early November as some investors bet on an end to the memory chip boom.

NAND flash memory chips, used in things like digital cameras and USB drives, have entered a down-cycle and some analysts say DRAM market conditions also will soften later this year.&nbsp;

Others, however, expect DRAM supply to remain tight throughout 2018 as Google, Amazon and Facebook expand data centres used for cloud storage and computing.&nbsp;

The outlook for smartphones and other mobile devices, which analysts expect to contribute about 17 percent to Samsung&#39;s fourth-quarter earnings, is also uncertain due to competition from Chinese rivals in markets like Europe and Asia, analysts said.

Tom Kang, research director at data provider Counterpoint, said Samsung&#39;s mobile division should show &quot;moderate&quot; shipment growth of about 1-2 percent in 2018.&nbsp;

Analysts expect Samsung&#39;s display profits to grow this year thanks to sales of organic light-emitting diode (OLED) screens for Apple iPhones as well as Samsung`s own handsets.

South Korean exporters like Samsung will be keeping a close eye on the won in 2018. The currency traded as high as 1,058.8 against the dollar on Monday, its highest in more than three years.&nbsp;

Samsung Electronics Co Ltd on Tuesday estimated a 64 per cent jump in fourth-quarter operating profit to a new record

Samsung Electronics Co Ltd on Tuesday estimated a 64 per cent jump in fourth-quarter operating profit to a new record, but the guidance fell short of market expectations as the strong won and year-end bonuses dented profits. The global memory chip leader and Apple Inc smartphone rival said its October-December profit was likely 15.1 trillion won ($14.1 billion), compared with a 15.9 trillion won average estimate from 17 analysts surveyed in a Thomson Reuters poll. Based on the guidance, Samsung's 2017 operating profit is likely 53.6 trillion won, compared to the previous year's 29.2 trillion won, putting the South Korean tech giant on course for a record annual profit as strong DRAM memory chip prices continued to fatten margins. Revenue was estimated to have increased 24 percent to 66 trillion won, versus the analysts' average forecast of 66.8 trillion won. Samsung did not elaborate on its October-December performance and will disclose detailed results at the end of January. The continued rise in the price of DRAM chips, in especially hot demand for data centre servers, more than made up for a drop in NAND chip prices and a stronger won, analysts said. But the outlook for semiconductors in 2018 is mixed, and Samsung shares have fallen 9.6 percent from their all-time high in early November as some investors bet on an end to the memory chip boom. NAND flash memory chips, used in things like digital cameras and USB drives, have entered a down-cycle and some analysts say DRAM market conditions also will soften later this year. Others, however, expect DRAM supply to remain tight throughout 2018 as Google, Amazon and Facebook expand data centres used for cloud storage and computing. The outlook for smartphones and other mobile devices, which analysts expect to contribute about 17 percent to Samsung's fourth-quarter earnings, is also uncertain due to competition from Chinese rivals in markets like Europe and Asia, analysts said. Tom Kang, research director at data provider Counterpoint, said Samsung's mobile division should show "moderate" shipment growth of about 1-2 percent in 2018. Analysts expect Samsung's display profits to grow this year thanks to sales of organic light-emitting diode (OLED) screens for Apple iPhones as well as Samsung`s own handsets. South Korean exporters like Samsung will be keeping a close eye on the won in 2018. The currency traded as high as 1,058.8 against the dollar on Monday, its highest in more than three years.

Samsung Electronics tips record fourth-quarter profit misses expectations on strong won

Samsung Electronics Co Ltd has picked Roh Hee-chan as its new Chief Financial Officer (CFO), putting the executive in charge of one of Asia&#39;s biggest corporate cash piles.

The appointment, which Samsung announced on Thursday, came after former CFO Lee Sang-hoon stepped down from the role two days ago after being nominated Samsung&#39;s next chairman of the board.

Roh was previously the CFO of Samsung Display, a unit of Samsung Electronics.

He will oversee some 76 trillion won ($68.31 billion) in Samsung Electronics&#39; holdings of cash and cash equivalent as of the end of September, which rose 8 per cent from the June quarter.

Roh&#39;s appointment was part of several senior executive promotions announced on Thursday. The appointments included a new head of Samsung&#39;s China business, Hwang Deuk-kyu, but most kept their current roles in addition to being promoted to President.

Samsung Electronics named a new generation of top managers this week, replacing the leaders of its three main businesses, and promised to reward shareholders with $26 billion in payouts to 2020.

The shake-up was designed to ease investors&#39; concerns about a leadership vacuum following the arrest and conviction of Vice Chairman Jay Y&nbsp;Lee on bribery charges earlier this year.

Samsung Electronics&nbsp;shares have risen around 6 percent in three days since the shake-up was unveiled to a record high of 2.876 million won per share during trading on Thursday.

Roh Hee-chan, new Chief Financial Officer, putting the executive in charge of one of Asia's biggest corporate cash piles.

Samsung Electronics Co Ltd has picked Roh Hee-chan as its new Chief Financial Officer (CFO), putting the executive in charge of one of Asia's biggest corporate cash piles. The appointment, which Samsung announced on Thursday, came after former CFO Lee Sang-hoon stepped down from the role two days ago after being nominated Samsung's next chairman of the board. Roh was previously the CFO of Samsung Display, a unit of Samsung Electronics. He will oversee some 76 trillion won ($68.31 billion) in Samsung Electronics' holdings of cash and cash equivalent as of the end of September, which rose 8 per cent from the June quarter. Roh's appointment was part of several senior executive promotions announced on Thursday. The appointments included a new head of Samsung's China business, Hwang Deuk-kyu, but most kept their current roles in addition to being promoted to President. Samsung Electronics named a new generation of top managers this week, replacing the leaders of its three main businesses, and promised to reward shareholders with $26 billion in payouts to 2020. The shake-up was designed to ease investors' concerns about a leadership vacuum following the arrest and conviction of Vice Chairman Jay Y Lee on bribery charges earlier this year. Samsung Electronics shares have risen around 6 percent in three days since the shake-up was unveiled to a record high of 2.876 million won per share during trading on Thursday.

Samsung names Roh Hee-chan new Chief Financial Officer

The CEO of Samsung Electronics Kwon Oh-Hyun resigned Friday, saying the South Korean tech giant was facing an &quot;unprecedented crisis&quot;, even as it expected profits to hit an all-time high in the third quarter.

Kwon&#39;s resignation comes as the company struggles to overcome a bribery scandal that sent Lee Jae-Yong, its de-facto head and heir to the Samsung empire, to jail.

But in a sign of good news for the company, its estimated operating profits for the July-September period of 14.5 trillion won ($12.8 billion) marked a record for quarterly profit, nearly tripling the 5.2 trillion won earned a year earlier.

Sales are expected to have surged 29.65 percent on-year to 62 trillion won, with the booming semiconductor business boosting the company&#39;s bottomline.

Despite the spectacular performance, CEO Kwon said the company was in the throes of an &quot;unprecedented crisis&quot; as he announced his intention to step down.

&quot;Fortunately, the company is now producing best-ever results but this is merely a fruit of decisions and investment made in the past&quot;, he said in a statement.

&quot;As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company (to) start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry&quot;, Kwon said.

Samsung did not announce the performance estimates of each business division but its semiconductor business is widely believed to have contributed greatly to the record-beating report.

The company is set to release its final earnings report later this month.

Samsung has been seeking to move past a bribery scandal that saw the company&#39;s de-facto head Lee Jae-Yong thrown into jail, and to overcome a damaging recall last year of its flagship Galaxy Note 7 smartphone over exploding batteries.

Lee, who was found guilty in August of bribery, perjury and other charges relating to payments made by Samsung to ousted president Park Geun-Hye&#39;s secret confidante Choi Soon-Sil, is appealing his five-year sentence and says he is innocent.

Profits up

&quot;The results are good ones that largely meet market expectations&quot;, Kwon Sung-Ryul of Dongbu Securities told AFP.

&quot;The company has been riding a global semiconductor boom,&quot; he said, adding the semiconductor business alone is believed to have contributed 10 trillion won to the operating profit.

The company&#39;s main products -- DRAM and NAND memory chips used in smartphones -- have also seen an increase in shipments and prices.

Rising sales of its flagship Galaxy S8 and Galaxy Note 8 smartphones were also believed to have bolstered the profitability of the mobile division, analysts said.

Yonhap Infomax data, based on research from 21 securities firms, also showed Samsung is expected to post an operating profit of 16 trillion won in the fourth quarter, up 74 percent from a year earlier.

Doh Hyun-woo, analyst at Mirae Asset Daewoo Securities Co. said in a report that the release of new models, including the iPhone X by rival Apple Inc. could weigh on Samsung&#39;s mobile sales, but will also help its smartphones parts business.

The consumer electronics division will also benefit from strong seasonal demand, he added.

Shares in Samsung Electronics were trading down 0.55 percent on heavy profit taking in mid-day trade.

Kwon Oh-Hyun's resignation comes as the company struggles to overcome a bribery scandal that sent Lee Jae-Yong, its de-facto head and heir to the Samsung empire, to jail

The CEO of Samsung Electronics Kwon Oh-Hyun resigned Friday, saying the South Korean tech giant was facing an "unprecedented crisis", even as it expected profits to hit an all-time high in the third quarter. Kwon's resignation comes as the company struggles to overcome a bribery scandal that sent Lee Jae-Yong, its de-facto head and heir to the Samsung empire, to jail. But in a sign of good news for the company, its estimated operating profits for the July-September period of 14.5 trillion won ($12.8 billion) marked a record for quarterly profit, nearly tripling the 5.2 trillion won earned a year earlier. Sales are expected to have surged 29.65 percent on-year to 62 trillion won, with the booming semiconductor business boosting the company's bottomline. Despite the spectacular performance, CEO Kwon said the company was in the throes of an "unprecedented crisis" as he announced his intention to step down. "Fortunately, the company is now producing best-ever results but this is merely a fruit of decisions and investment made in the past", he said in a statement. "As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company (to) start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry", Kwon said. Samsung did not announce the performance estimates of each business division but its semiconductor business is widely believed to have contributed greatly to the record-beating report. The company is set to release its final earnings report later this month. Samsung has been seeking to move past a bribery scandal that saw the company's de-facto head Lee Jae-Yong thrown into jail, and to overcome a damaging recall last year of its flagship Galaxy Note 7 smartphone over exploding batteries. Lee, who was found guilty in August of bribery, perjury and other charges relating to payments made by Samsung to ousted president Park Geun-Hye's secret confidante Choi Soon-Sil, is appealing his five-year sentence and says he is innocent. Profits up "The results are good ones that largely meet market expectations", Kwon Sung-Ryul of Dongbu Securities told AFP. "The company has been riding a global semiconductor boom," he said, adding the semiconductor business alone is believed to have contributed 10 trillion won to the operating profit. The company's main products -- DRAM and NAND memory chips used in smartphones -- have also seen an increase in shipments and prices. Rising sales of its flagship Galaxy S8 and Galaxy Note 8 smartphones were also believed to have bolstered the profitability of the mobile division, analysts said. Yonhap Infomax data, based on research from 21 securities firms, also showed Samsung is expected to post an operating profit of 16 trillion won in the fourth quarter, up 74 percent from a year earlier. Doh Hyun-woo, analyst at Mirae Asset Daewoo Securities Co. said in a report that the release of new models, including the iPhone X by rival Apple Inc. could weigh on Samsung's mobile sales, but will also help its smartphones parts business. The consumer electronics division will also benefit from strong seasonal demand, he added. Shares in Samsung Electronics were trading down 0.55 percent on heavy profit taking in mid-day trade.

Samsung CEO steps down, says 'unprecedented crisis'

Samsung is investigating claims by a German hacking group that it fooled the iris recognition system of the new flagship Galaxy S8 device, the firm said on Wednesday.

The launch of the Galaxy S8 was a key step for the world&#39;s largest smartphone maker as it sought to move on from last year&#39;s humiliating withdrawal of the fire-prone Galaxy Note 7, which hammered the firm&#39;s once-stellar reputation.

But a video posted by the Chaos Computer Club (CCC), a German hacking group founded in 1981, shows the Galaxy S8 being unlocked using a printed photo of the owner&#39;s eye covered with a contact lens to replicate the curvature of a real eyeball.

&quot;A high-resolution picture from the internet is sufficient to capture an iris,&quot; CCC spokesman Dirk Engling said, adding: &quot;Ironically, we got the best results with laser printers made by Samsung.&quot;

A Samsung spokeswoman said it was aware of the report and was investigating.

The iris scanning technology was &quot;developed through rigorous testing&quot;, the firm said in a statement as it sought to reassure customers.

&quot;If there is a potential vulnerability or the advent of a new method that challenges our efforts to ensure security at any time, we will respond as quickly as possible to resolve the issue.&quot;

Samsung&#39;s hopes of competing against archrival Apple&#39;s iPhone had been pinned on the Galaxy S8 after last year&#39;s Note 7 disaster.

The recall debacle cost Samsung billions of dollars in lost profits and hammered its global credibility, forcing it to apologise to consumers and postpone the S8 launch.&nbsp;

But since it was released in April it has received positive reviews and strong orders.&nbsp;

The CCC previously demonstrated a way to defeat Apple&#39;s TouchID fingerprint sensors -- using graphite powder, a laser etching machine and wood glue -- just weeks after the first iPhone 5s hit the shelves.

Traditional PIN protection was &quot;a safer approach than using body features for authentication&quot;, Engling said.

(AFP)

A video posted by a German hacking group shows the Galaxy S8 being unlocked using a printed photo of the owner's eye

Samsung is investigating claims by a German hacking group that it fooled the iris recognition system of the new flagship Galaxy S8 device, the firm said on Wednesday. The launch of the Galaxy S8 was a key step for the world's largest smartphone maker as it sought to move on from last year's humiliating withdrawal of the fire-prone Galaxy Note 7, which hammered the firm's once-stellar reputation. But a video posted by the Chaos Computer Club (CCC), a German hacking group founded in 1981, shows the Galaxy S8 being unlocked using a printed photo of the owner's eye covered with a contact lens to replicate the curvature of a real eyeball. "A high-resolution picture from the internet is sufficient to capture an iris," CCC spokesman Dirk Engling said, adding: "Ironically, we got the best results with laser printers made by Samsung." A Samsung spokeswoman said it was aware of the report and was investigating. The iris scanning technology was "developed through rigorous testing", the firm said in a statement as it sought to reassure customers. "If there is a potential vulnerability or the advent of a new method that challenges our efforts to ensure security at any time, we will respond as quickly as possible to resolve the issue." Samsung's hopes of competing against archrival Apple's iPhone had been pinned on the Galaxy S8 after last year's Note 7 disaster. The recall debacle cost Samsung billions of dollars in lost profits and hammered its global credibility, forcing it to apologise to consumers and postpone the S8 launch. But since it was released in April it has received positive reviews and strong orders. The CCC previously demonstrated a way to defeat Apple's TouchID fingerprint sensors -- using graphite powder, a laser etching machine and wood glue -- just weeks after the first iPhone 5s hit the shelves. Traditional PIN protection was "a safer approach than using body features for authentication", Engling said. (AFP)

Samsung investigating Galaxy S8's iris scanner hack

The world&#39;s biggest smartphone maker Samsung blamed faulty batteries on Monday for the fires that led to last year&#39;s humiliating recall of its flagship Galaxy Note 7 device.

Samsung Electronics was forced to discontinue the smartphone, originally intended to compete with Apple&#39;s iPhone, after a chaotic recall that saw replacement devices also catching fire.

The debacle cost the South Korean company billions in lost profit and reputational damage, in a torrid period which has also seen it embroiled in the corruption scandal that has resulted in President Park Geun-Hye&#39;s impeachment.

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<h5>Samsung did not identify the battery makers, but independent investigators UL and Exponent agreed with the findings</h5>
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Internal and independent investigations &quot;concluded that batteries were found to be the cause of the Note 7 incidents&quot;, Samsung said in a statement.

&quot;We sincerely apologise for the discomfort and concern we have caused to our customers,&quot; Koh Dong-Jin, the head of its mobile business, told reporters in Seoul.

Samsung Electronics is the most prominent unit of the giant Samsung group, South Korea&#39;s largest conglomerate with a revenue equivalent to about a fifth of the country&#39;s GDP.

It announced a recall of 2.5 million units of the oversized Galaxy Note 7 in September 2016 after several devices exploded or caught fire, with the company blaming batteries from a supplier, widely believed to be its sister firm Samsung SDI.

When replacement phones -- with batteries from another firm, largely thought to be Chinese manufacturer ATL -- also started to combust, the company eventually decided to kill off the Note 7 for good.

As many as 1.9 million of the phones were sold in the United States, where authorities banned the device from use on planes and even from being placed in checked luggage. Aviation authorities around the world issued similar prohibitions.

The firm has since embarked on a campaign to restore its battered reputation, issuing repeating apologies and putting full-page advertisements in prominent US newspapers including the Wall Street Journal, New York Times and Washington Post admitting that it &quot;fell short&quot; on its promises.

The next model in the series, the Galaxy Note 8, had been expected to be unveiled at next month&#39;s Mobile World Congress in Barcelona, but Koh said it would be delayed to ensure that it had no safety issues.

No legal action&nbsp;

Samsung deployed around 700 researchers and engineers on its investigation, testing more than 200,000 fully-assembled devices and more than 30,000 batteries, it said.

It did not identify the battery makers on Monday, but independent investigators UL and Exponent agreed with the findings.

Battery A had a design issue that pushed down the right corner of the battery, while Battery B had defective internal welds, said Kevin White, principal scientist at Exponent.

But Koh dismissed the possibility of suing the manufacturers. &quot;Whatever parts we use, the overall responsibility falls to us for failing to verify its safety and quality,&quot; he said. &quot;At this point, I don&#39;t think it&#39;s right to seek legal action.

Around 1,000 different parts from some 450 suppliers were needed for each Galaxy Note 7.

Samsung acknowledged that it provided the specifications for the batteries, adding in its statement: &quot;We have taken several corrective actions to ensure this never happens again. The lessons of the past several months are now deeply reflected in our processes and in our culture.&quot;

The fiasco took a major toll on the reputation of the firm, which is set to announce fourth-quarter and full-year results on Tuesday. It has estimated the cost of the recall at $5.3 billion, according to South Korea&#39;s Yonhap news agency.

Samsung Electronics shares were up 0.5 per cent at 1.87 million won in Seoul on Monday morning after the announcement.

The firm has separately been caught up in South Korea&#39;s wide-ranging political corruption scandal, with prosecutors last week seeking the arrest of its vice-chairman Lee Jae-Yong on charges of bribery, embezzlement and perjury.

Lee, who became Samsung&#39;s de facto head after his father suffered a heart attack in 2014, is accused of bribing Choi Soon-Sil, Park&#39;s secret confidante at the centre of the scandal, and receiving policy favours from Park in return.

Samsung is the single biggest contributor to two non-profit foundations controlled by Choi, but a court rejected the arrest request on grounds of insufficient evidence.

(AFP)

The company will not be suing the battery makers. 'The overall responsibility falls to us,' the company said

The world's biggest smartphone maker Samsung blamed faulty batteries on Monday for the fires that led to last year's humiliating recall of its flagship Galaxy Note 7 device. Samsung Electronics was forced to discontinue the smartphone, originally intended to compete with Apple's iPhone, after a chaotic recall that saw replacement devices also catching fire. The debacle cost the South Korean company billions in lost profit and reputational damage, in a torrid period which has also seen it embroiled in the corruption scandal that has resulted in President Park Geun-Hye's impeachment. Samsung did not identify the battery makers, but independent investigators UL and Exponent agreed with the findings × Internal and independent investigations "concluded that batteries were found to be the cause of the Note 7 incidents", Samsung said in a statement. "We sincerely apologise for the discomfort and concern we have caused to our customers," Koh Dong-Jin, the head of its mobile business, told reporters in Seoul. Samsung Electronics is the most prominent unit of the giant Samsung group, South Korea's largest conglomerate with a revenue equivalent to about a fifth of the country's GDP. It announced a recall of 2.5 million units of the oversized Galaxy Note 7 in September 2016 after several devices exploded or caught fire, with the company blaming batteries from a supplier, widely believed to be its sister firm Samsung SDI. When replacement phones -- with batteries from another firm, largely thought to be Chinese manufacturer ATL -- also started to combust, the company eventually decided to kill off the Note 7 for good. As many as 1.9 million of the phones were sold in the United States, where authorities banned the device from use on planes and even from being placed in checked luggage. Aviation authorities around the world issued similar prohibitions. The firm has since embarked on a campaign to restore its battered reputation, issuing repeating apologies and putting full-page advertisements in prominent US newspapers including the Wall Street Journal, New York Times and Washington Post admitting that it "fell short" on its promises. The next model in the series, the Galaxy Note 8, had been expected to be unveiled at next month's Mobile World Congress in Barcelona, but Koh said it would be delayed to ensure that it had no safety issues. No legal action Samsung deployed around 700 researchers and engineers on its investigation, testing more than 200,000 fully-assembled devices and more than 30,000 batteries, it said. It did not identify the battery makers on Monday, but independent investigators UL and Exponent agreed with the findings. Battery A had a design issue that pushed down the right corner of the battery, while Battery B had defective internal welds, said Kevin White, principal scientist at Exponent. But Koh dismissed the possibility of suing the manufacturers. "Whatever parts we use, the overall responsibility falls to us for failing to verify its safety and quality," he said. "At this point, I don't think it's right to seek legal action. Around 1,000 different parts from some 450 suppliers were needed for each Galaxy Note 7. Samsung acknowledged that it provided the specifications for the batteries, adding in its statement: "We have taken several corrective actions to ensure this never happens again. The lessons of the past several months are now deeply reflected in our processes and in our culture." The fiasco took a major toll on the reputation of the firm, which is set to announce fourth-quarter and full-year results on Tuesday. It has estimated the cost of the recall at $5.3 billion, according to South Korea's Yonhap news agency. Samsung Electronics shares were up 0.5 per cent at 1.87 million won in Seoul on Monday morning after the announcement. The firm has separately been caught up in South Korea's wide-ranging political corruption scandal, with prosecutors last week seeking the arrest of its vice-chairman Lee Jae-Yong on charges of bribery, embezzlement and perjury. Lee, who became Samsung's de facto head after his father suffered a heart attack in 2014, is accused of bribing Choi Soon-Sil, Park's secret confidante at the centre of the scandal, and receiving policy favours from Park in return. Samsung is the single biggest contributor to two non-profit foundations controlled by Choi, but a court rejected the arrest request on grounds of insufficient evidence. (AFP)

Samsung blames phone fires on batteries

Samsung Electronics Co Ltd&#39;s shares fell to their lowest level in nearly two months on Monday after the tech giant told customers to switch off and return their new Galaxy Note 7 smartphones due to fire-prone batteries. 
 
Investors had wiped 15.9 trillion won (14.3 billion) off the South Korean firm&#39;s market capitalisation as of 0303 GMT, as a series of warnings from regulators and airlines around the world raised fears for the future of the flagship device. 
 
&quot;Some said initially the Galaxy Note 7 could be the best smartphone ever, but now it&#39;s possible the phone will go down as the worst ever,&quot; IBK Securities analyst Lee Seung-woo said, predicting weak sales in the fourth quarter. 
 
Samsung Electronics&#39; common shares were down 6.3 per cent to 1,476,000 won each after touching their lowest level since July 12, and were on track for their biggest daily percentage drop in more than four years. 
 
Analysts said the recall could torpedo Galaxy Note 7 sales and have a lasting impact on the $211 billion company&#39;s brand image, which could derail a recovery in its smartphone market share against rivals like Apple Inc. 
 
The global smartphone leader on Saturday urged all customers to turn off their Note 7s and return them as soon as possible as part of the recall which it voluntarily initiated on Sept. 2. 
 
Unprecedented 
 
The recall is unprecedented for Samsung, which prides itself on its manufacturing prowess. Some analysts estimate the firm might lose $5 billion won worth of revenue after accounting for recall costs. The company had said it had sold 2.5 million Galaxy Note 7s that need to be replaced. 
 
Nomura said it had cut its forecast for Samsung&#39;s third-quarter mobile operating profit by 900 billion won to 3.1 trillion won in the wake of the Note 7 recall. 
 
&quot;Even if Samsung puts Note 7s with new batteries in the market it won&#39;t sell as well as it had initially,&quot; HMC Investment analyst Greg Roh said. 
 
&quot;Long-term, it will cost Samsung significant marketing spending to ensure the next products can overcome this issue.&quot; 
 
The Note 7 problems are a major blow to Samsung&#39;s efforts to build on the strong sales of its Galaxy S7 smartphones launched in March. 
 
The firm was beginning to claw back smartphone market share and had tried to pre-empt Apple by launching the almost $900 Note 7 on Aug. 19, about a month ahead of the latest iPhone release. 
 
The recall forced Samsung to halt sales indefinitely in markets such as the United States and push back launches in other regions such as Europe. 
 
(Reuters)

Samsung Electronics' common shares were down 6.3 per cent to 1,476,000 won each after touching their lowest level since July 12

Samsung Electronics Co Ltd's shares fell to their lowest level in nearly two months on Monday after the tech giant told customers to switch off and return their new Galaxy Note 7 smartphones due to fire-prone batteries. Investors had wiped 15.9 trillion won (14.3 billion) off the South Korean firm's market capitalisation as of 0303 GMT, as a series of warnings from regulators and airlines around the world raised fears for the future of the flagship device. "Some said initially the Galaxy Note 7 could be the best smartphone ever, but now it's possible the phone will go down as the worst ever," IBK Securities analyst Lee Seung-woo said, predicting weak sales in the fourth quarter. Samsung Electronics' common shares were down 6.3 per cent to 1,476,000 won each after touching their lowest level since July 12, and were on track for their biggest daily percentage drop in more than four years. Analysts said the recall could torpedo Galaxy Note 7 sales and have a lasting impact on the $211 billion company's brand image, which could derail a recovery in its smartphone market share against rivals like Apple Inc. The global smartphone leader on Saturday urged all customers to turn off their Note 7s and return them as soon as possible as part of the recall which it voluntarily initiated on Sept. 2. Unprecedented The recall is unprecedented for Samsung, which prides itself on its manufacturing prowess. Some analysts estimate the firm might lose $5 billion won worth of revenue after accounting for recall costs. The company had said it had sold 2.5 million Galaxy Note 7s that need to be replaced. Nomura said it had cut its forecast for Samsung's third-quarter mobile operating profit by 900 billion won to 3.1 trillion won in the wake of the Note 7 recall. "Even if Samsung puts Note 7s with new batteries in the market it won't sell as well as it had initially," HMC Investment analyst Greg Roh said. "Long-term, it will cost Samsung significant marketing spending to ensure the next products can overcome this issue." The Note 7 problems are a major blow to Samsung's efforts to build on the strong sales of its Galaxy S7 smartphones launched in March. The firm was beginning to claw back smartphone market share and had tried to pre-empt Apple by launching the almost $900 Note 7 on Aug. 19, about a month ahead of the latest iPhone release. The recall forced Samsung to halt sales indefinitely in markets such as the United States and push back launches in other regions such as Europe. (Reuters)

Samsung shares slide as Note 7 recall takes toll

IT major HP today said it will acquire Samsung Electronics&#39; printer business in a deal valued at $1.05 billion, a move that will allow the US-based company further consolidate its position in the $55 billion A3 copier industry. 
 
The acquisition will bring an intellectual property portfolio of more than 6,500 printing patents and a workforce of about 6,000 employees globally, including nearly 1,300 researchers and engineers. 
 
Samsung has key engineering centre in South Korea with operations in the US, India, China, Japan, Russia, Canada, Brazil and other countries. 
 
HP, created as part of the breakup of Hewlett-Packard Co. last year, sells personal computers. However, it gets a significant chunk of its profit from supplying ink and toner for the printers it sells. However, HP&#39;s printing division revenue fell 14 per cent in the latest quarter, while overall sales was down about 4 per cent to USD 11.9 billion. 
 
In India, HP is estimated to have close to 2,000 employees in the printer division, including R&amp;D in southern Bengaluru. 
The acquisition of Samsung&#39;s printer business is expected to be accretive in the first full year following closing, with cost synergies and a strong financial model. 
 
The transaction is expected to close within 12 months pending regulatory review and other customary closing conditions. 
After closing, Samsung has agreed to make a USD 100-300 million equity investment in HP through open market purchases, HP said in a statement. 
 
This is the largest print acquisition in HP&#39;s history and accelerates its growth opportunities in the copier segment, it added. 
&quot;It also creates new avenues for growth and greater profitability for partners as they expand managed print services as sales models shift from transactional to contractual,&quot; it said. 
 
HP said the integration costs are estimated to be in the range of $150-200 million over a three-year period. 
&quot;When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries,&quot; HP president and CEO Dion Weisler said. 
 
The acquisition of Samsung&#39;s printer business allows HP to deliver print innovation and create entirely new business opportunities with far better efficiency, security, and economics for customers, he added. 
 
The deal will also strengthen HP&#39;s ability to service customers in global laser printing, a category where it has enjoyed a strong, mutually beneficial partnership with Canon, HP said. 
 
Canon is HP&#39;s supplier of printing engines in its existing product line. 
 
(PTI)

The acquisition will bring an intellectual property portfolio of more than 6,500 printing patents and a workforce of about 6,000 employees

IT major HP today said it will acquire Samsung Electronics' printer business in a deal valued at $1.05 billion, a move that will allow the US-based company further consolidate its position in the $55 billion A3 copier industry. The acquisition will bring an intellectual property portfolio of more than 6,500 printing patents and a workforce of about 6,000 employees globally, including nearly 1,300 researchers and engineers. Samsung has key engineering centre in South Korea with operations in the US, India, China, Japan, Russia, Canada, Brazil and other countries. HP, created as part of the breakup of Hewlett-Packard Co. last year, sells personal computers. However, it gets a significant chunk of its profit from supplying ink and toner for the printers it sells. However, HP's printing division revenue fell 14 per cent in the latest quarter, while overall sales was down about 4 per cent to USD 11.9 billion. In India, HP is estimated to have close to 2,000 employees in the printer division, including R&D in southern Bengaluru. The acquisition of Samsung's printer business is expected to be accretive in the first full year following closing, with cost synergies and a strong financial model. The transaction is expected to close within 12 months pending regulatory review and other customary closing conditions. After closing, Samsung has agreed to make a USD 100-300 million equity investment in HP through open market purchases, HP said in a statement. This is the largest print acquisition in HP's history and accelerates its growth opportunities in the copier segment, it added. "It also creates new avenues for growth and greater profitability for partners as they expand managed print services as sales models shift from transactional to contractual," it said. HP said the integration costs are estimated to be in the range of $150-200 million over a three-year period. "When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries," HP president and CEO Dion Weisler said. The acquisition of Samsung's printer business allows HP to deliver print innovation and create entirely new business opportunities with far better efficiency, security, and economics for customers, he added. The deal will also strengthen HP's ability to service customers in global laser printing, a category where it has enjoyed a strong, mutually beneficial partnership with Canon, HP said. Canon is HP's supplier of printing engines in its existing product line. (PTI)

HP to acquire Samsung's printer business for $1.05 billion

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